SSAC Echo | September 2023

SSAC Endownment Fund
Sustainable Financial Security
We are not government funded, nor have
guaranteed income from any source. To
enhance long term stability, and produce
such a predictable yearly stream of
income, we have started a SSAC Endowment Fund. The
income is based upon the interest gained from the value
of the fund. These funds will be used to support general
operating costs and special projects. After due diligence,
the Board has approved establishing an endowment
fund as an Agency Fund with the Sunshine Coast
Foundation.
The Sunshine Coast Foundation has a 20-year history
of administering Agency funds. There are already 24
well established Agency Funds in place. Currently
established Agency funds include Coast-wide Food
Banks Fund, Iris Loewen Endowment supporting
Sechelt Public Library, and Habitat for Humanity
Sunshine Coast. The money from all 24 funds is
amalgamated for investment purposes. At the end of
the fiscal year the interest gained on the whole amount
is calculated and dispersed to the individual agencies
in proportion to their fund balance. Currently the funds
are generating a return of around 4.5%. For example, a
1-million-dollar fund would generate an annual payout
of around $45,000. To initiate a fund there needed
to be a minimum $5,000 deposited. Showing their
belief in the importance of this Endowment, Helen and
Richard Ward have donated the $5,000 necessary to
establish it. Once the fund reaches $10,000 the yearly
payouts of interest earned will be triggered. As of
September 1 st , there will be a link on our website to
the SSAC Endowment fund on the Sunshine Coast
Foundation’s own website. The advantage of having
the SSAC Endowment Fund on their website is that it
may elicit a donation from a non-member if someone
interested in supporting seniors’ issues views their site
and sees our fund available for their donation.
The fund’s Cost-Recovery Fees compare very
favourably with other Foundations such as the ones
in Vancouver and Calgary, particularly when the fee is
0.75% for fund amounts greater than $1 million. Most
appealing, is that we would be dealing with a local
organization that we already have a good relationship
with from previous grant funding.
Our target for year one of the endowment fund is to
reach $100,000. The fund is an investment for the
future. Although we have set a target of $100,000
in the first year, there is no limit. The more we can
get into the fund the greater the financial stability
we are establishing for the future. It would give
tremendous stability to the Centre allowing us to
fulfill one of our goals to lower activity fees and in
addition, provide even more varied and supportive
programming for our members. If you value the
Centre in your life and the support and services
that we provide to all our members, please consider
Comparison of Cost-Recovery Fees
for Sunshine Coast, Vancouver and Calgary Foundations
Sunshine Coast Foundation Vancouver Foundation Calgary Foundation
Under $500,000 1.5% Up to $10 million 1.3% Up to $1 million 1.5%
$500,000 - $1 million 1% Over $10 million 0.95% Up to $6 million 1.25%
Over $1 million 0.75% Up to $20 million 0.9%
Up to $50 million 0.8%
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| September 2023
SEASHELL ECHO | SECHELT SENIORS ACTIVITY CENTRE NEWS